S&P 500 Climbs to Record to Finish Best Year Since 1997
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U.S. equity gauges rose to records, with the Standard & Poor’s 500 Index posting its biggest annual advance since 1997, as gains in consumer confidence and housing prices bolstered confidence in the world’s largest economy.
Phillips 66 paced gains in energy shares after saying Berkshire Hathaway Inc. will swap about $1.4 billion in shares for full ownership of the company’s pipeline-services business. Hertz Global Holdings Inc. climbed 10 percent to a record after saying it adopted a one-year shareholder-rights plan. Marvell Technology Group Ltd. rose 4.5 percent after KKR Fund Holdings disclosed a 6.8 percent stake in the chipmaker.